How do market imperfections affect working capital management?

This paper examines whether Working Capital Management (WCM) is sensitive to market imperfections such as asymmetric information, agency conflicts or financial distress. We find that firms have a target investment in working capital and that they take decisions in order to achieve this. In addition, the results appear to support the hypothesis that the working capital competes with investment in fixed assets for the funds of the firms when they have financial constraints. Finally, we also find that WCM depends on bargaining power and other financial factors such as the availability of internal finance, cost of financing and access to capital markets. Este artículo analiza si la gestión del capital circulante está afectada por las imperfecciones de mercado tales como la asimetría informativa, los conflictos de agencia o las dificultades financieras. Los resultados muestran que las empresas tienen un nivel de inversión en capital circulante objetivo y toman decisiones con el fin de alcanzarlo. Además, los resultados parecen apoyar la hipótesis de que el capital circulante compite con los activos fijos por los fondos de las empresas cuando éstas tienen restricciones financieras. Finalmente, la gestión del capital circulante depende del poder de negociación y otros factores financieros tales como la disponibilidad de financiación interna, el coste de financiación y el acceso a los mercados de capitales.ciclo de efectivo, gestión del capital circulante, imperfecciones de mercado, datos de panel net trade cycle, working capital management, market imperfections, panel data

Determinants of working capital management

This paper analyzes the determinants of working capital management (WCM) for a sample of Spanish firms during the period 1997-2004. We find that firms have a target investment in working capital and that they take decisions in order to achieve this. The results appear to support the hypothesis that the working capital competes with investment in fixed assets for the funds of the firms when they have financial constraints. Finally, we also find that WCM depends on bargaining power and other financial factors such as the availability of internal finance, cost of financing and financial constraints.Research Agency of the Spanish Government ECO2008-06179/ECO

Financing of working capital requirement, financial flexibility and SME performance

This paper investigates the relation between the financing strategies of working capital requirement and firm performance for the period 1997 to 2012. Using the two-step generalized method of moments estimator, we find that a suitable financing strategy can help firms improve their performance. Moreover, the results indicate that the working capital requirement financing-performance relation changes during a financial crisis. Finally, we also find that this relation depends on a firm’s financial flexibility. The findings are of interest for managers and researchers and show that managers should not only be concerned about investing in working capital requirement but also consider how this investment is to be financed. To the best of our knowledge, this is the first paper to analyse how the financing strategy selected by firms to finance their working capital requirement affects their performance

Beneficial Effects of Organosulfur Compounds from Allium cepa on Gut Health: A Systematic Review

Dietary changes affect the composition and structure of gut microbiota (GM) in animals and humans. One of the beneficial effects of consuming products derived from plants is the positive influence on immunity and gastrointestinal health. Species belonging to the genus Allium contain many organosulfur compounds (OSCs) that have been widely studied showing their biological properties and beneficial effects on intestinal health and GM. This is the first systematic review of OSCs from Allium performed following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, and it is based on the evidence that we found in literature about the benefits on the GM and intestinal health demonstrated by OSCs from Allium, and specifically from onion. OSCs from Allium cepa have shown a significant antibacterial activity against a broad spectrum of antibiotic-resistant Gram-positive and Gram-negative bacteria. In addition, the intake of OSCs from onion was able to modulate the composition of GM, increasing the beneficial bacterial populations in animal models. Moreover, the beneficial effects observed in murine models of colitis suggest that these compounds could be suitable candidates for the treatment of inflammatory bowel disease (IBD) or reverse the dysbiosis caused by a high-fat diet (HFD). Despite the evidence found both in vitro and in vivo, we have not found any article that tested OSCs different from allicin in clinical trials or dietary intervention studies in humans. In this sense, it would be interesting to conduct new research that tests the benefits of these compounds in human GM

Evaluación de la sostenibilidad en el sector socioturístico de Fuerteventura (Islas Canarias)

In this work, Fuerteventura's dynamic sustainability model is applied as a tool for the quantitative evaluation of the tourism impact on insular socio-ecological systems. The model, calibrated for the period 1996-2011, has allowed a better understanding of the dynamic interactions between sustainability indicators and other factors on the island. Moreover, the analysis of the behavior of some of these indicators under different scenarios and management measures for the period 2012-2025. The results show a high influence of certain measures regarding the control on the creation of new tourist accommodation in the evolution of sustainability on the island.Como herramienta para la evaluación cuantitativa del impacto turístico en sistemas socioecológicos insulares, en este trabajo se presenta el modelo dinámico de sostenibilidad de Fuerteventura. Una vez calibrado para el período 1996-2011, ha permitido una mejor comprensión de las interacciones dinámicas entre los indicadores de sostenibilidad y otros factores en la isla. También ha permitido analizar el comportamiento de algunos de esos indicadores bajo distintos escenarios y medidas de gestión para el periodo 2012-2025. Los resultados reflejan una influencia elevada de determinadas medidas de control relativas a la creación de nuevos alojamientos turísticos sobre la evolución de la sostenibilidad en la isla

Comprehensive analysis of territorial uses for the development of mining degraded areas: the surrounding of Portmán (La Unión)

La bahía de Portmán, SE de la Península Ibérica, alberga el escenario de uno de los mayores desastres ambientales del litoral mediterráneo: la colmatación de la bahía provocada por el vertido de toneladas de estériles de minería al mar durante más de treinta años. El análisis de los valores del entorno y el estudio del potencial de desarrollo de la bahía se plantea con el objetivo de obtener alternativas de planificación de un desarrollo local sostenible y respetuoso con el entorno. Se han realizado dos fases de análisis: la primera a través de un estudio sectorial, más pormenorizado; la segunda fase de análisis, con una evaluación global de los usos del suelo para determinar los condicionantes y las oportunidades de desarrollo del entorno de Portmán. El análisis integral llevado a cabo proporciona una visión del espacio en todo su conjunto, y permite definir categorías territoriales en relación a los posibles desarrollos en forma de proyectos residenciales y turísticos, que quedan definidas como: limitantes, condicionantes principales y condicionantes adicionales.The Portmán Bay, Southeast Iberian Peninsula, is home to one of the largest environmental disasters on the Mediterranean coast: the silting of the bay caused by the dumping of million tonnes of mining waste to the sea, over more than thirty years. The analysis of the values of the surroundings, and the assessment of the potential for the development of the bay arises with the aim of obtaining alternatives for planning a sustainable local development and respectful with the environment. Two phases of analysis have been carried out: the first through a partial, more detailed, study; followed by a second phase of analysis, with an overall assessment of land uses to determine the constraints and development opportunities of the surroundings of Portmán. The integral analysis provides a vision of the space as a whole, and allows defining territorial categories in relation to possible developments in the form of residential and tourism projects, which are defined as: limitations, main constraints and additional constraints

Erratum

"Erratum." Journal of Business Economics and Management, 18(1), p. 181

Commercial gilthead seabream (Sparus aurata L.) from the Mar Menor coastal lagoon as hotspots of microplastic accumulation in the digestive system

This paper presents the results on the presence and characterization of microplastics (MP) in the gastrointestinal tract of gilthead seabream (Sparus aurata L.), a species of commercial interest from the Mar Menor coastal lagoon in Southeast Spain. This is the first time that microplastic ingestion is recorded in any species from this semi-enclosed bay. Stomach and intestine from a total of 17 specimens captured by local fishermen were processed, and microplastic particles and fibers found in all of them were displayed. Overall, 40.32% (279/692) of total isolated microparticles proved to be microplastics; i.e., <5 mm, as identified by FTIR spectroscopy. The average value by fish was 20.11 _ 2.94 MP kg1, corresponding to average concentrations of 3912.06 _ 791.24 and 1562.17 _ 402.04 MP by kg stomach and intestine, respectively. Four MP forms were isolated: fiber (71.68%), fragment (21.15%), film (6.81%), and microbead (0.36%), with sizes ranging from 91 _m to 5 mm, an average of 0.83 _ 0.04 mm, and no statistically significant differences between mean sizes in stomach and intestine samples (F-test = 0.004; p = 0.936). Nine polymer types were detected, although most of fibers remained unidentified because of their small size, the presence of polymer additives, or closely adhered pollutants despite the oxidizing digestion carried out to eliminate organic matter. No significant correlation was found between main biological parameters and ingested microplastics, and high-density polyethylene (HDPE), low-density polyethylene (LDPE), polyethylene polypropylene (PEP), and polyvinyl (PV) were identified as the most abundant polymers. The average microplastic ingestion in this study area was higher than those reported in most studies within the Mediterranean Sea, and closely related to microplastic pollution in the surrounding area, although with a predominance of fiber form mainly due to fishery activities.This work was financed by Project 5345/18IQA (Technical University of Cartagena). Analyses carried out by Sonia Olmos were supported by a grant from Fundación Séneca (20268/FPI/17)

“Own doctor” presence in a web-based lifestyle intervention for adults with obesity and hypertension: A randomized controlled trial

Introduction: Online interventions have long been shown to be an effective means to promote a healthy lifestyle, thereby helping to control body weight and blood pressure figures. Likewise, using video modeling is also considered an effective way to guide patients through behavioral interventions. Nonetheless, to the best of our knowledge, this study is the first to analyze how the presence of patients' “own doctor” in the audiovisual content of a web-based lifestyle program (“Living Better”) aimed at promoting regular physical exercise and healthy eating behavior, compared with an “unknown doctor,” influences the outcomes of adults with obesity and hypertension. Materials and methods: A total of 132 patients were randomly assigned either to the experimental (n = 70) or control (n = 62) group (“own doctor” or “unknown doctor”, respectively). The body mass index, systolic and diastolic blood pressure, number of antihypertensive drugs used, physical activity level, and quality of life was assessed and compared at baseline and post-intervention (12 weeks).Results: The intention-to-treat analysis showed intragroup significant improvements in both groups in terms of the body mass index (control group: mean difference −0.3, 95% CI [−0.5, −0.1], p = 0.002; experimental group: −0.4 [−0.6, −0.2], p &amp;lt; 0.001) and systolic blood pressure (control group: −2.3 [−4.4, −0.2], p = 0.029; experimental group: −3.6 [−5.5, −1.6], p&amp;lt; 0.001). In addition, there were also significant improvements in the experimental group for the diastolic blood pressure (−2.5 [−3.7, −1.2], p &amp;lt; 0.001), physical activity (479 [9, 949], p = 0.046), and quality of life (5.2 [2.3, 8.2], p = 0.001). However, when comparing the experimental with the control group, no between-group significant differences were found in these variables.Conclusions: This study suggests that the presence of patients' “own doctor” in the audiovisual content of a web-based intervention, aimed at promoting a healthy lifestyle among adults with obesity and hypertension, do not show significant additional benefits over the efficacy of e–counseling.Trial registrationClinicalTrials.gov NCT04426877. First Posted: 11/06/2020. https://clinicaltrials.gov/ct2/show/NCT04426877

Ambient Intelligence Systems for Personalized Sport Training

Several research programs are tackling the use of Wireless Sensor Networks (WSN) at specific fields, such as e-Health, e-Inclusion or e-Sport. This is the case of the project “Ambient Intelligence Systems Support for Athletes with Specific Profiles”, which intends to assist athletes in their training. In this paper, the main developments and outcomes from this project are described. The architecture of the system comprises a WSN deployed in the training area which provides communication with athletes’ mobile equipments, performs location tasks, and harvests environmental data (wind speed, temperature, etc.). Athletes are equipped with a monitoring unit which obtains data from their training (pulse, speed, etc.). Besides, a decision engine combines these real-time data together with static information about the training field, and from the athlete, to direct athletes’ training to fulfill some specific goal. A prototype is presented in this work for a cross country running scenario, where the objective is to maintain the heart rate (HR) of the runner in a target range. For each track, the environmental conditions (temperature of the next track), the current athlete condition (HR), and the intrinsic difficulty of the track (slopes) influence the performance of the athlete. The decision engine, implemented by means of (m; s)-splines interpolation, estimates the future HR and selects the best track in each fork of the circuit. This method achieves a success ratio in the order of 80%. Indeed, results demonstrate that if environmental information is not take into account to derive training orders, the success ratio is reduced notably.Ministerio de Educación y Ciencia; DEP2006-56158-C03-01/02/03Ministerio de Educación y Ciencia; TEC2007-67966 -01/02/TCM CON-PARTE-1/2Ministerio de Industria, Turismo y Comercio ; TSI-020301-2008-16 ELISAMinisterio de Industria, Turismo y Comercio ; TSI-020301-2008-2 PIRAmID